UK mortgage lending up 24 pct
Mortgage lending in the United Kingdom rose 24 percent in March from month-earlier levels, or 3 percent above March 2009, the Council of Mortgage Lenders said Monday.
It marked a strong ending to a downbeat first quarter, when gross lending of 29.5 billion pounds ($45 billion) was 24 percent lower than the previous quarter and 9 percent lower than than the same period a year earlier.
Comparisons are skewed by a rush of buying at the end of 2009 to beat a tax increase, and a consequent drop in activity immediately after the new year.
“Overall, housing and mortgage activity remains subdued, but is comfortably higher than in the depths of the recession a year ago,” said Council economist Paul Samter.
“However, the longer-term problems facing the market remain and will limit the speed of recovery in the housing market and wider economy,” he added.
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Tags: Mortgage, UK mortgage